Assessee not liable for penalty under Sec. 76 of Finance Act, 1994.

The Karnataka HC dismissed the assessee's appeal, upholding the order that found the assessee not liable for penalty under Sec. 76 of the Finance Act, 1994. The court ruled that as the assessee had paid the service tax and interest prior to the show cause notice, no penalty could be imposed.

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The Karnataka High Court dismissed the appeal by the assessee challenging the order that held the assessee not liable to pay penalty under Sec. 76 of the Finance Act, 1994. The court stated that since the assessee had paid the service tax and interest before the show cause notice was issued, no penalty could be imposed.

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